The UCO Bank which is formerly known as United Commercial Bank is a commercial bank that was established in the year 1943. This is a Government-owned Commercial Bank in India. The bank has its headquarters in Kolkata. This bank was set up by Ghanshyam Das Birla. The bank was nationalized in the year 1969, the Indian Government holds 84% of the stake. The UCO Bank has a network of over 3000 branches and also manages almost 500 ATMs across the country. As per the record till 30th March 2017, the bank has over 4000 service units and 49 Zonal Offices in India.
Besides the banking activities, the bank also focuses and involves itself in different social outreach programs and measures. The bank participates in various activities and schemes for the benefit of the people residing in the urban and rural areas.
The bank also provides a wide variety of products and services for its customers. One of the services is the Savings Account. The savings account offers a lot of advantages and benefits like incentivizing people to save and earn from their savings. In this article, we will be providing you complete details regarding the UCO Bank Savings Account.
Interest Rate on UCO Bank Savings Account
The UCO Bank offers an Interest Rate of 4% on its savings account to its customers.
- 1 Opening a UCO Bank Savings Account
- 2 Types of UCO Bank’s Savings Account
- 3 Eligibility Criteria for UCO Savings Bank Account
- 4 Documents Required for Opening a UCO Bank Savings Account
Opening a UCO Bank Savings Account
If you are planning to save your earnings, then the best option is to open a savings account in the bank. The UCO Bank provides its customers to open a savings account. You can do it without any hassle of waiting in the long queues and filling endless forms. You can now open a new account online. You just have to go the bank’s homepage and select the option “New Account Opening” located on the right side of the screen. A pop-up window will open and you can then select the type of account you want to open.
Then enter the details as requested and submit the form online. A reference number will be issued after the submission of the form. With the help of a reference number, you can even check the status of your application form. After filling the form, you have to submit the application form along with the required documents to the nearest UCO Bank branch. The bank will then verify the documents and if all the information are correct, the bank officials will then create an account and it will be active within few hours and you can begin your savings.
If you are not free to apply online, you can also have an option to apply it offline. In the offline mode, you have to visit the nearest bank branch and collect an Account Opening Form. Then fill in with the required details and submit it to branch with the required documents. The bank will then verify the documents and notify you when your account is opened so that you can start saving.
Types of UCO Bank’s Savings Account
The UCO Bank offers different types of the savings account as per the need of the customers. The following are the various types of Savings account.
UCO Saral Savings Deposit Scheme
Through this bank’s savings account, you earn a free Debit Card and 40 Cheque Leaves per year. Being an account holder, of this account you can also use net banking and mobile banking services as well as fund transfer services such as NEFT/RTGS etc.
UCO Star Savings Deposit Scheme
Under this type of account, the account holder is eligible to get 40 Cheque Levels half-yearly for free. The account also provides a Debit Card along with an add-on card free of cost. The account holders can also make fund transfers using NEFT/RTGS free of charge. The account holders will not be charged for stop payments and can issue for demand drafts/ pay orders up to Rs 10, 000 in a day for free. The amounts above the minimum balance would be sept out into term deposits of 179 days in multiples of Rs 5000, with an interest at the prevailing deposit interest rate.
UCO No-Frills Savings Account
This type of savings account is specially designed for the individuals who are not able to open a savings account for some reasons. This account allows the account holder to issue Demand Drafts, cheques etc. The account can be opened with an opening balance of just Rs 5/-and can be operated with zero balance as well. It is mainly a partial KYC Complaint account. A total of 25 debit transactions can be made over a half-yearly period.
UCO Veer-Shakti Savings Account
This type of Savings Account is mainly for the defence personnel, both serving as well as retired members. The Indian Armed Forces and Para-Military Forces are eligible to manage their accounts and receive their salaries and pensions. Through this account, you can also avail a number of privileges and benefits such as personalized Debit Cards along with add-on cards which are absolutely free. There are no processing charges for home loans and car loans. The account holders can also have an access to an overdraft facility with special privileges.
UCO Smart Kids Savings Scheme
This type of savings scheme is mainly designed for the children. The main objective of this scheme is to inculcate the saving habit in the children. This account can be opened by a child above 10 years offers a lot of benefits such as personalized ATM Cards with POS Limit of Rs 3000 a day. The holders will also receive 2 cheque books free of charge every year. The fund transfers from parent/grandparents account would not be charged.
Eligibility Criteria for UCO Savings Bank Account
For opening a UCO Savings Bank Account, you need to fulfill the below conditions:
- Individuals above the age of 18 (either single or joint account)
- Minors above the age of 10 (the only joint account can be opened along with a parent/guardian unless otherwise specified).
Documents Required for Opening a UCO Bank Savings Account
For opening a UCO Bank’s savings account, a list of documents is required. These are listed in the Know Your Customer (KYC) guidelines issued by RBI. All the banks have to collect the same set of documents for the verification purpose. The documents that are collected are listed as follows:
- Passport size photographs
- Address proof
- Identity proof
Proof of Address Documents
You can submit any one of the following lists of the documents as an Address Proof to open an account.
- Aadhaar card
- Driving license
- Bank account statement
- Utility bills such as electricity bills, telephone bills etc.
- Income tax statement
- Credit card statement
Proof of Identity Documents
You can submit any one of the following as the Proof of Identity Documents to open an account.
- Voter’s ID Card
- Permanent Account Number (PAN)
- Government Issued Photo ID Card
- Defence Card
- Aadhaar card
- Driving License.
- In case of the accounts opened by the minors and pensioners, proof of age documents such as birth certificate has to be submitted.
- In case of the joint accounts, all the applicants have to submit the documents specified above.